What are small renovation loans?

If you’re planning a renovation project for your home or investment property, you may need financing to cover the costs. Renovation loans can provide the funding you need to complete your project and increase the value of your property. At Ownright Custom Finance, we offer a range of renovation loan options tailored to your specific needs.

Renovation loans are designed to help homeowners and property investors finance home improvement projects, such as kitchen or bathroom renovations, extensions, or adding an outdoor living space. These loans can provide access to the funds needed to cover the costs of materials, labor, and other expenses associated with the renovation.

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At Ownright Custom Finance, we understand that every renovation project is unique and may require a different financing solution. That’s why we work with a network of lenders to offer a variety of renovation loan options to suit your needs.

Types of Renovation Loans

Personal Loans: Personal loans can be a good option for smaller renovation projects or for those who have a good credit history. These loans are unsecured, meaning that you don't need to provide collateral, and typically have fixed interest rates and repayment terms.
Home Equity Loans: Home equity loans allow you to borrow against the equity in your home. This can be a good option if you have a substantial amount of equity built up and need to borrow a larger amount of money for your renovation project.
Construction Loans: Construction loans are designed specifically for renovation or building projects. These loans are typically short-term and are used to cover the costs of construction, with the loan balance paid off once the project is complete.
Line of Credit: A line of credit allows you to borrow funds as you need them, up to a certain limit. This can be a good option if you're unsure of the exact amount you'll need for your renovation project or if you want the flexibility of accessing funds as needed.

Benefits of Renovation Loans

Increased Property Value: Renovating your home or investment property can increase its value, allowing you to potentially recoup the cost of the renovation and even make a profit if you decide to sell.
Personalized Financing: Renovation loans can be tailored to your specific needs, with options for various loan amounts, terms, and interest rates.
Flexibility: Depending on the type of loan you choose, you may have the flexibility to use the funds for a variety of renovation projects, including cosmetic updates, structural changes, and energy-efficient upgrades.

Eligibility Criteria for Renovation Loans

The eligibility criteria for renovation loans may vary depending on the type of loan you choose. Some general eligibility requirements include:

Proof of income
Good credit history
Property ownership or equity
Proof of project cost and details

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When you’ve tried with every other lender or bank and not been satisfied, that’s where we come in. We’ll create a tailored and customised solution for you!

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Did you know that according to recent statistics, approximately 80% of small businesses in Australia take out business loans to help fund their growth and operational costs?

How to Apply for a Renovation Loan

Applying for a renovation loan with Ownright Custom Finance is a straightforward process. Simply contact us to discuss your financing needs and we’ll help you choose the best loan option for your renovation project. We’ll guide you through the application process and help you secure the financing you need to make your renovation dreams a reality.

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